Enrique Bañuelos was among the 100 richest in the world in 2006. 51) Valencian Culture Blogspot. 09/30/2008.
... THE CRISIS DID YOUR SPANISH PROPERTY A GO IN THE KINGDOM OF VALENCIA?
Ferrer.
The current economic crisis in Spain, caused by the bursting of the housing bubble had its kick-off in Valencian lands. It would be not telling the truth if we said that the crisis has been born or brought into the Kingdom of Valencia, as the housing speculation has been a common practice in Spain in recent years. However, it was here that lit the fuse that already anticipated the future bankruptcy of many construction and real estate. The collapse of companies Astroc and Llanera was kick-started the housing crisis.
In July 2007 the President of Astroc, Enrique Bañuelos, resigned from office. The construction of an accumulated Morvedre endless fall into the bag, to the point that would leave shortly after the IBEX 35. Astroc a year before had an incredible rise in the stock market Bañuelos that placed as the third richest man in Spain and 95 in the world by Forbes magazine . His personal fortune amounted to 10,000 million dollars. Astroc was the icon of the housing bubble, a company that was like a balloon, is inflated a lot but is empty inside.
In October 2007 the construction and real estate group Llanera (Játiva) went into receivership with the inability to refinance its long-term debt of 746 million euros. Fernando Gallego , CEO of Llanera, filed for voluntary bankruptcy creditors. In previous years, Llanera was highlighted by a frenetic business growth. Thus, the housing crisis that has bankrupted many companies had its first chapter in Valencia, a year ahead to what would later happen in Spain.
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